3_CIT - Assumption University Corporate Income Tax 1 Principle of Corporate Income Tax Definition of Corporate Corporate income tax base(Taxable

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Assumption University Corporate Income Tax 1. Principle of Corporate Income Tax Definition of Corporate Corporate income tax base (Taxable income) Net profit Income before deducting expenses Profit remittance Payment of assessable income to abroad. Corporate income tax rate 30%, 25%, 15%, 10% of net profit 5% of income before deducting expenses 0% (BOI Company) Wittaya Ekwirunphon Page 1
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Assumption University Corporate Income Tax 2. Corporate Income Tax Computation Condition for the calculation of net profit Prohibited expenses 3. Corporate Income Tax Payment and Submission Half year corporate income tax Annual corporate income tax Wittaya Ekwirunphon Page 2
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Corporate Income Tax (CIT) is • a direct tax levied on • a juristic company or partnership which is • established under Thai or foreign law • and carries on business in Thailand or derive certain types of income from Thailand. Assumption University Corporate Income Tax Wittaya Ekwirunphon Page 3
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The general principle of income tax on juristic company or partnership is based on • the collection of tax on net profit • arising from or in the consequence of the business carried on • within an accounting period. Assumption University Corporate Income Tax Wittaya Ekwirunphon Page 4
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• Juristic company or partnership" (hereinafter called "company") - A limited company or a public company organized under Thai or a foreign law - A registered partnership organized under Thai or a foreign law. - An association or a foundation engaged in business producing revenue. - A joint venture, being a business or profit-seeking enterprise. - Any trading or profit-seeking activity carried on by a foreign government or its agency. - Any juristic person designated by the Director-General with the approval of the Minister and published in the Government Gazette . Assumption University Corporate Income Tax Wittaya Ekwirunphon Page 5
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• Levied on both Thai and foreign companies. • Thai companies. - Company incorporated under the law of Thailand . - Civil and Commercial Code. (Limited Co, Foundation) - Public Company Act B.E.2535 - Special Purpose Enterprise. – University Act, Asset Management Company, Co-operation Act. - Worldwide net profit at the end of each accounting period (12 months). Assumption University Corporate Income Tax Tax rate : 30%, 25%, 15%,10%, 0% of net profit Wittaya Ekwirunphon Page 6
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• Levied on both Thai and foreign companies. • Foreign companies. - Company incorporated under foreign law and carrying on business in Thailand. - Net profit at the end of each accounting period (12 months) arising from or in consequence of business carried on in Thailand. -
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This note was uploaded on 01/11/2012 for the course ACCOUNTING act 3604 taught by Professor Bonee during the Spring '11 term at Assumption College.

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3_CIT - Assumption University Corporate Income Tax 1 Principle of Corporate Income Tax Definition of Corporate Corporate income tax base(Taxable

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